The question is when will this be released. No one knows how many exploits there are but Apple is doing a very tricky thing. Releasing OS 4 to iPod/iPhones in Summer and waiting to release OS until fall for iPads. Partly I think this is a move to keep jailbreakers at bay. Obviously if a jailbreak is released during the summer after OS 4 and the new iPhone is released Apple will release OS 4 for the iPad in the fall plugging any holes exploited by a jailbreak. I am afraid we might be waiting till end of year for a true jailbreak for OS 4.